Your trusted source

The activities of the Swiss bank Crédit Suisse have become a topic for complaints connected with the sale of assets in Azerbaijan. Zaur Leshkasheli, Georgian businessman, head of the British oil and Gas Company Mayfair Energy accuses Swiss bank for sale of a stake he owned in the largest oil field in Azerbaijan Kurovdag in 2008 at a low price, reads the article of Jane Croft, published in The Financial Times.

As noted in the article, on 20th October, the London court began the examination of the claim of the two companies of Georgian businessman Zaur Leshkasheli against Credit Suisse Swiss bank. The Bank is accused of selling too cheaply the company's share of Leshkasheli in 2008 in Caspian Energy Group, thus violating the contract. Caspian Energy Group was created togather with the State Oil Company of Azerbaijan (SOCAR) for the exploitation of the largest onshore oil and gas fields in Azerbaijan called "Kurovdag."

Caspian Energy Group was sold to Berghoff / GEA Company for $245 million, which is connected with the former president of "RussNeft" Mikhail Gutseriev. However, Leshkasheli believes that Credit Suisse had not considered all alternative proposals, and for his share he could get more than $700 million, the article reads.

"Perhaps," Gazprom oil" is the most vivid example: They knew about his interest in the acquisition of a Leshkasheli stake, and it was serious; they could take the chance, but it was not even investigated," read the written testimonies of the plaintiffs.

Earlier, Credit Suisse issued Leshkasheli companies a loan on the condition that the Caspian Energy Group will be sold, and the bank itself will participate in the transaction as a consultant. "Anyone who sells the assets on behalf of another person, must do it at its actual price," Jeremy Kazins, representative of Leshkasheli stated in the court.

As noted in the article, the Swiss bank stated in its defense in the written testimony that Leshkasheli, while procuring the loan, had not notified him that "between him and SOCAR boil up very serious discords, that’s why he could not count on their cooperation with SOCAR while selling it."